Crypto Morning News: Tron to go public in the US via SPAC, PumpFun and founder's X account frozen
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Crypto Morning News: Tron to go public in the US via SPAC, PumpFun and founder's X account frozen
Metaplanet increases BTC holdings by 1,112, bringing total to 10,000 BTC.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
The U.S. Senate will hold a final vote on the GENIUS Act at 4:30 AM tomorrow (Beijing time)
According to Eleanor Terrett and Senate Cloakroom, the U.S. Senate will conduct a final vote on the GENIUS Act (S.1582) at 4:30 AM Beijing time on June 18 (4:30 PM Eastern Time on June 17). The bill has completed its amendment process and, if passed, will be sent to the House of Representatives for further consideration. This marks the final round of voting in the Senate.
Chan Mo-po: HKMA to expedite stablecoin license applications
According to Jinti News, Hong Kong Financial Secretary Chan Mo-po recently wrote that with the rapid growth of digital asset markets, demand for stablecoins is expected to rise further. Stablecoins can serve as a medium of exchange without being constrained by traditional payment timing or geography, and their programmable features can enable diversified innovations, automating and intelligentizing financial services. Noting strong market interest, after the enactment of the Stablecoin Ordinance, the Hong Kong Monetary Authority (HKMA) will promptly process received license applications to allow qualified applicants to commence operations.
Trump’s Truth Social submits S-1 forms for Bitcoin and Ethereum ETFs to the SEC
Bloomberg analyst James Seyffart reports that Trump-owned Truth Social has submitted S-1 forms for Bitcoin and Ethereum ETFs to the U.S. Securities and Exchange Commission (SEC).
Market news: Trump Organization to launch Trump Mobile phone priced at $499, expected to launch in September
Market sources report that the Trump Organization will launch a smartphone called Trump Mobile, manufactured in the United States. The phone will include various service offerings such as roadside assistance and unlimited messaging. Jinti News reports the device will be priced at $499 and is expected to launch in September.
SRM, a U.S.-listed company, plans to rename itself Tron Inc and sign $100 million equity financing agreement, launching TRX treasury strategy
U.S.-listed entertainment company SRM Entertainment, Inc. announced it has signed a securities purchase agreement ("SPA") with a private investor to raise $100 million. SRM plans to use these funds to initiate a TRON token (TRX) treasury strategy.
Notably, the Financial Times previously reported that Tron is seeking to go public via a reverse merger with SRM Entertainment. Justin Sun, founder of the TRON blockchain, has been appointed as an advisor to the company, which will be renamed Tron Inc. Sources indicate that if all warrants are exercised, the strategic investment could reach $210 million in value.
Polyhedra co-founder: We will buy back ZKJ tokens from the market
Tiancheng Xie, co-founder of Polyhedra (ZKJ), stated on social media: "We will buy back more tokens. Now we need to understand the current situation and must prevent similar financial attacks in the future."
JPMorgan applies for “JPMD” trademark, potentially launching stablecoin services
Cointelegraph reports that JPMorgan has recently filed a trademark application for "JPMD" with the U.S. Patent and Trademark Office, covering digital asset trading, exchange, transfer, clearing, and payment processing—various cryptocurrency-related services. The Wall Street Journal previously reported that JPMorgan may collaborate with banks like Bank of America and Wells Fargo to consider launching a stablecoin to accelerate domestic and cross-border payments.
PumpFun and its founder’s X accounts suspended
Solana meme coin launch platform PumpFun’s official X (formerly Twitter) account and its founder Alon Cohen’s personal account have both been suspended by X.
On-chain investigator ZachXBT: WhiteRock likely linked to Zkasino $33 million scam team, posing high risk
On-chain analyst ZachXBT disclosed that at least one member of the team behind the $30 million Zkasino scam appears to be involved in the WhiteRock Finance project.
He pointed out that the WhiteRock team is anonymous, has forged partnerships, exhibits mixed fund flows, and has marketing wallets linked to stolen Zkasino funds. ZachXBT also connected email evidence showing that key members of WhiteRock and Zkasino are the same individuals, urging exchanges MEXC and Gate to conduct further due diligence and consider delisting the token.
ZachXBT warned that given WhiteRock’s historical links to projects like Zkasino, Syncus, and Zigzag, the project carries a high risk of exit scam.
Binance Wallet to launch new exclusive TGE BOMB on June 17
Per official announcement, Binance Wallet will launch a new TGE BOMB event, with subscription open from 4:00 PM to 6:00 PM UTC+8 on June 17, 2025.
Metaplanet increases BTC holdings by 1,112, reaching total of 10,000 BTC
Metaplanet CEO disclosed that Tokyo-listed Metaplanet purchased an additional 1,112 BTC at an average price of $105,435 per BTC, investing $117.2 million. The company’s total BTC holdings now stand at 10,000 BTC, acquired at an overall cost of approximately $947 million (average price $94,697). Year-to-date in 2025, its BTC investment has achieved a return of 266.1%.
Market Data
Suggested Reading
The Rise of MemeStrategy: How Memeland’s Parent Company Achieved Growth Through Rebranding
This article discusses how Hong Kong-listed company MemeStrategy attracted market attention through rebranding and acquiring crypto assets such as Solana and Bitcoin. Formerly known as HBJ Technology Holdings, the company was acquired by the 9GAG team and transformed into a virtual asset ecosystem enterprise. It attempts to replicate MicroStrategy’s model in the U.S., leveraging brand power and the crypto investment boom to attract speculative capital. However, volatility in the crypto market and the fading NFT hype pose challenges to its future development.
a16z Partner’s Latest Consumer Insights: In the AI Era, There Are No Moats—Only Speed
This article explores innovation in social platforms, consumer products, and platforms during the AI era, arguing that traditional social models and platform logic are being redefined. While powerful AI tools have changed content creation and user monetization patterns, they have yet to establish new social structures or connection mechanisms. The discussion also covers AI business models, user behavior, hardware evolution, and potential paradigm shifts in social interaction.
Stripe Acquires Privy, Strengthening Its Stablecoin Infrastructure Strategy
This article focuses on Stripe’s acquisition of Privy, a provider of crypto wallet infrastructure—a significant move in its stablecoin market strategy. By integrating Privy’s embedded wallet capabilities with its own payment and stablecoin services, Stripe aims to deliver a smoother cryptocurrency payment experience globally and accelerate the global adoption of stablecoins.
Go to Hong Kong, Seize the New Era
This article analyzes the recent IPO boom in Hong Kong’s market, particularly the trend of mainland Chinese A-share companies listing in Hong Kong. It examines factors including policy incentives, market activity, competition among investment banks, and valuation changes, revealing the revival and future prospects of Hong Kong’s capital market.
Class, Capital, and Collectibles: Decoding Pop Mart’s Irreplicable Business Empire
This article provides a detailed analysis of Pop Mart’s business model and the core factors behind its success, emphasizing its irreplicability and dominant position in the collectible toys industry. Backed by capital, proprietary IP development, strategic marketing, and a luxury crossover positioning, Pop Mart has successfully built an empire in designer toys and strengthened its market leadership through global expansion.
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